The Fastest Developing Country in 2024

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We recently compiled a list of the 20 Fastest Developing Countries in 2024 and in this article, we will look at the fastest developing country in 2024.

Growth Trends and Economic Stability in Developing Nations

According to a report by the International Monetary Fund (IMF), the growth in developing economies is expected to remain steady at 4.2% in 2024 and 2025. This stability is attributed to the fact that there is moderate growth in emerging and developing Asia but increasing growth in the Middle East, Central Asia, and sub-Saharan Africa.

Low-income developing countries are expected to experience a gradual increase in growth, rising from 4% in 2023 to 4.7% in 2024 and 5.2% in 2025, as some near-term growth constraints ease. Growth in emerging and developing Asia is expected to decline from 5.6% in 2023 to 5.2% in 2024, and further to 4.9% in 2025, largely due to a slowdown in China. China's growth is projected to decrease from 5.2% in 2023 to 4.6% in 2024 and to 4.1% in 2025 as the country's property sector continues to show weakness. The growth in India is projected to remain strong at 6.8% in 2024 and 6.5 % in 2025 due to high domestic demand and a growing working-age population. Growth in emerging and developing countries in Europe is forecasted to decrease from 3.2% in 2023 to 3.1% in 2024, and 2.8% in 2025 as the effects of high private consumption, supported by wage growth in a tight labor market fade. In the Middle East and Central Asia, growth is projected to rise from 2.0% in 2023 to 2.8% in 2024 and 4.2% in 2025 as some constraints on near-term growth ease. In sub-Saharan Africa, growth is expected to increase from 3.4% in 2023 to 3.8% in 2024 and 4.0% in 2025 as supply issues gradually.

Global headline inflation is projected to decrease from an annual average of 6.8% in 2023 to 5.9% in 2024 and 4.5% in 2025 due to changes in monetary policies, softening in labor markets, and a decline in energy prices. Advanced economies are expected to experience a more rapid decline, with inflation dropping by 2% in 2024, while the decrease in emerging market and developing economies will occur mainly in 2025. Advanced economies are anticipated to return to their pre-pandemic inflation rates with inflation averaging at 2% in 2025, approximately a year before emerging market and developing economies are expected to return to their pre-pandemic average of around 5%.

The Fastest-Developing Country in 2024

The Co-operative Republic of Guyana is a small South American nation, which is the fastest developing country in 2024, due to the discovery of substantial offshore oil and gas reserves recently. Guyana's resources are estimated at over 11.2 billion barrels of oil and about 17 trillion cubic feet of natural gas reserves. Guyana's GDP per capita has been rapidly increasing since oil production began in 2019 and reached 278,000 barrels per day in 2022. The country is projected to maintain double-digit economic growth in 2023 and 2024 with the commencement of additional oil fields. Historically, Guyana's GDP per capita was among the lowest in South America, but economic growth since 2020, averaging 40% annually over the last few years, has boosted GDP per capita to over $26,590 in 2024.